Coming up with a name for your start-up business may seem like an easy task but it’s arguably one of the most important decisions you make. The name of your company impacts how both customers and investors view you and ultimately, can determine your success.
Here are our 8 key tips for coming up with a name for your business:
Make Sure It’s Easy to Pronounce and Remember
Don’t look for made up names or phrases that do not make sense. They usually mean nothing to people. Go for names that are straightforward and easy to pronounce as they are the ones customers remember the most. They also cost less to brand!
2. Keep It Simple
Try and stick to a name with 2 syllables and avoid using special characters such as hyphens, the shorter the better. If you can help it try and pick a name closer to A than Z as most algorithms and directory listings work alphabetically. It also helps if your name can be used as a verb e.g. “Google that”
3. Make It Unique and Unforgettable
Make sure your name stands out from the crowd and sticks in people’s minds. The last thing you want is to be just another name in the market. Try to choose a name that brings your company and product to life!
4. Avoid Unusual Spellings
Lots of businesses try to use unusual names to stand out but this can in fact cause them a lot of trouble when customers or other businesses attempt to search for them. You should therefore try and stick to words that can be easily spelt and stick to the traditional spelling of the word to avoid any confusion.
5. Make Sure It Makes Sense
Make sure your name makes sense and try and relate it to your business. This will help remind customers or businesses about the service you provide and also avoids any confusion.
6. Don’t Box Yourself In
Try to avoid names that restrict your business from expanding its product line or expanding its geographical reach. More often than not, restrictive names will confuse customers when you look to expand.
7. Ask Your Target Audience
Try and come up with a few different names and test them out on your target audience using focus groups. If you receive the desired impression from your target audience on one of your names, then you know you have done a good job.
8. Make Sure the Name Is Available
This may sound obvious, but many people do forget this which can be very costly to your company! Therefore, make sure you check your business name is legally available and they are not trademarked by any other company.
Are you starting a business in the Black Country, Shropshire or Herefordshire?
You may be eligible for free business support such as workshops and funding from the Enterprise Action project. Just take our quick eligibility checker to find out if you qualify and if you do, a member of the Enterprise Action team will be in touch.